Laboratorio

Innovation is the process of pioneering new creative ideas in the production process.
Examples:
• Discovery of new production process
• Successful implementation of creative ideas
• Introductionof new products
Types of innovation
Process innovation: changes in the way production takes place.
Product innovation: new creations or the radical development of existing products.
Costreducing innovation: improved processes that reduce the costs of production for a business or industry.
Incremental innovation: minor improvements to products or work processes.
Radical innovation is muchmore disruptive and involves larger risks.
Cost, benefits and goals of innovation:
Benefits and goals of innovation
Growth opportunities: innovation can be a source of business growth andevolution.
Productivity gains: process innovation can help to increase productivity this can give a business an advantage over its competitors.
International competitiveness: innovation can help to increaseproductivity. This can give a business an advantage over its competitors.
Brand switching: this refers to the act of consumers turning away from rival products for the more appealing or innovativeproduct.
Job creation: product innovation can create plenty of employment opportunities.
Social benefits: innovation can often improve the quality of life for many people in society
Limitations ofinnovation:
High costs: investment in innovation and research and development is highly expensive and requires sufficient labor and financial resources.
High failure rate: most new ideas fail tomaterialize, often due to internal and external constraints
Budgetary constraints: innovation is often held back by funding problems
Research and development:
Is to provide continual advancement andto launch new products that will satisfy customer needs.
Involves carrying out extensive research into new products, their designs, testing and development.
Benefits: can lead to the improved...